Croatia-based food group Podravka is looking at acquisitions as part of plans to generate two-thirds of its sales from international markets.
The company, which sells products across Europe and further afield into markets like Australia and the US, has given itself five years to meet the target. In 2013, 56% of its sales was generated outside Croatia.
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Asked how Podravka planned to achieve its goal, a spokesperson said: “Our strategy is to grow both organically and by acquisitions and this targeted structure of sales revenues includes potential acquisitions.”
The spokesperson said Podravka would not specify in which markets it could make acquisitions but said: “What we can say is that eastern Europe, central Europe and western Europe are the regions that are on the top of our list for M&A targets. We are not saying that we would refuse a good offer from our region – south-east Europe – but our intent is to reduce our exposure regarding sales revenues to the domestic market and our region.”
Podrava’s portfolio takes in sectors including baby food, snacks, culinary and meat. It also sells prescription drugs, although food and drinks account for over three-quarters of group sales.
The spokesperson pinpointed the products Podravka believed would prosper in international markets. “The products that we consider to have the strongest international potential are seasonings, soups, baby food, powdered products for the preparation of sweets and prescription drugs from our pharma business,” the spokesperson said.
